Virtually every sector of society bears significant overhead costs. Procuring supplies and services (for example printing, stationary, telecommunications, insurance, cleaning, courier, air travel and information system supplies and services) is fundamental for any industry to survive.
Managing overhead costs, including locating the lowest prices for services and goods, remains a difficult, time-consuming and expensive challenge. As more types of goods and/or services are introduced into the marketplace, the amount of time required for procurement thereof increases. Currently, automated systems for procuring items are available. No system, however, currently exists that locates the lowest aggregate purchase price for at least two goods and/or services.
Parties that procure goods and services must rely upon suppliers to deliver goods and services affordably and promptly. If, for example, after placing an order a customer discovers that a supplier cannot deliver, the customer must locate another supplier that is able to provide the good/service, and preferably at a competitive price.
Suppliers of goods and services also face difficult challenges. Suppliers constantly strive to obtain new customers and retain existing ones. Moreover, suppliers typically realize slow responses to their marketing strategies, such as circulating promotional materials or requesting feedback from their customers. Marketing costs are typically very high (e.g., providing promotion materials, telemarketing and sales), and suppliers are forced to spend considerable resources in order to publicize their business. Suppliers continually struggle to expand their customer base, reduce their selling costs, increase their sales volume and ultimately increase their profit margins.
Other costs incurred by suppliers include inventory-related expenses (e.g., the cost of procuring inventory and maintaining inventory control), sales and service, employee management and the like. Therefore, both suppliers and customers desire to reduce operational costs while maximizing their profit margins.